Wednesday, April 23, 2014

The multiple bids that came in to fix the Olive Street Garage turned out to be twice the amount of the original projection of $350,000. Last week, Councilman Davidson at the monthly council meeting asked the financial procedures for leveraging a $850,000 bond.

15 comments:

Where to begin. Here we have a governmental entity sitting on roughly $4 million cash according to the last audit published on their website. And now they want to finance a project with a bond deal that likely will cost a quarter million in closing costs and interest. What's wrong with this picture?

If they pull too much out of cash reserves it lowers the borough's bond rating - which according to the current 'fiscal management' (sarcasm) should be in the toilet anyhow! I wouldn't lend them money for nothin'! (and no 'chicks for free...." LOL)

Media residents got exactly what they voted for. Councilman Davidson talked about "floating" a bond for the 3rd Street Bridge, if we didn't get money from the state. No surprise here. The public is a ass.

Media Borough Council spending money like the Obama Administration. But fear not sheep who voted for them this $850,000.00 bond to fix the parking garage will feel like a massage at at high end spa compared to the bond they are going to have to float to fix Third St. and the Dam/Bridge once the Borough Council gets schooled in Court on May 9th.

I'd wait if I were them - after May 9 court date y'all be 'floatin' an additional 3.4 mil (or more!) for the bridge. These people have NO IDEA how to run a town! I agree w/Anon 12:07 - the Media public IS an ass - when are people going to wake up and clean these clowns out of office! Who in Media is in support of incurring almost $5M in debt?!?!?

Here's an idea for a better quality of life for the residents of Media and a revenue generator. Resident parking up to 8th street, which would force "visitors" to pay for parking and residents to pay for permits. Tedman, if you could get this going I'll for for you early and often if you decide to run again.

In all sincerity, you really have to question the intelligence and planning of an elected official who waits until bids are opened and contract(s) are about to be awarded to ask about how the project is going to be financed. Even members of his own party have to be scratching their heads.

Not so much corruption, but does remind one of the days when legislators had WAM (walking around money). I mean... a $60,000 annual operating contingency basically means that the community thinks it is OK for our elected officials to spend $60,000 on anything they want at any time, with no budget revision required. Seems to defeat the purpose of a budget, no?

Looking at the budget posted online, looks like they have almost $40,000 budgeted for a "public information officer" in the police department. That's the first place I'd start looking for money to pay the debt service on this bridge/dam and garage. With a PIO, don't you think they could have done a better job communicating about the manhunt for those drug dealers a little while back?